By Carlie Kollath/NEMS Daily Journal
STARKVILLE – Longtime Cadence Financial Corp. Chairman and CEO Lewis Mallory will retire in two weeks, the company announced Thursday.
The retirement will coincide with the closing of Cadence’s merger with Community Bancorp LLC of Houston, Texas. The deal is expected to close the first week of March.
Mark Abernathy, the company’s current president, will take the CEO reins from Mallory, who has held the position since 1978.
Abernathy has been with Cadence for 16 years.
Paul B. Murphy Jr., the president of the bank’s buyer, is expected to be elected chairman of Cadence’s board after the transition.
Mallory, in a press release, said his retirement is in line with a plan the board put into place three years ago.
Cadence agreed to the buyout with Community Bancorp in October. The deal has been approved by Cadence’s shareholders and the Federal Reserve.
Under the CBC agreement, shareholders will receive $2.50 in cash per Cadence common share.
Cadence had backed out of an earlier agreement to be bought by Trustmark Bank for a lower figure.
In the CBC deal, Cadence will keep its name, charter and employees.
Contact Carlie Kollath at (662) 678-1598 or firstname.lastname@example.org.